Well I run FC3 and I can tell you what description it gives about each one. If you have a locally connected printer, you choose that. LPD is for a network printer that is connected via UNIX. The SMB is to connect to a printer on your network that is connected through a Windows machine. Sorry to say, but most network printers use this since most ppl still run windows.
As for the other selections, IPP is for networked CUPS printers, and any Novell printer (although I am not completely sure who uses this, is for a printer connected through a Novell client. Hope this helps, and if you need any more help, just keep posting.